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Lead Generation – The Great Start Lead generation is one of the Five Business Improvement and Optimisation Action Points that form part of the Olympic Sprint Business Coaching method. In... Short, sharp and straight forward advice for anyone wanting to satisfy their enterprising and entrepreneurial spirit, whether through self-employment, social enterprise o […]

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I used to be an avid watcher of The Apprentice. Nowadays I might watch one or two episodes, makes a cursory assessment of the uselessness, or not, of each candidate and then keep an eye out for when... Short, sharp and straight forward advice for anyone wanting to satisfy their enterprising and entrepreneurial spirit, whether through self-employment, social […]

‘adl: equity, the root of this word refers to the balance obtained when the two pannier-bags on either side of a beast of burden are of equal weight.al’amil: the agent who works with the qirad investmentbarter: the exchange of goods for goods, or commodity for commodity which in a normal market situation is often a more common means of exchange than goods for money.caravan: traders who keep company with each other while they journey together to markets.condition: any condition imposed on a contract which limits ownership of the goods is usually invalid.contract: an offer and acceptance followed by exchange of goods and payment.engrossing: buying up all of a commodity in order to control prices; monopoly.forbidden commodities: those which of their nature are unclean, like pork, or those which for external reasons are not permitted, like stolen goods.forestalling: the act of going out to meet traders before they have brought their goods on to the market.fraud (ghabn): it may also be translated as ‘loss’ when ghaban enters a contract unbeknown to the two partners.gold coins: gold and silver are the only two kinds of ‘money’ acceptable in the shari’ah.liability: liability for the goods usually becomes the buyer’s as soon as he takes possession of them.loan: only a loan free of any increase for the lender is permitted; loans may be made for trade but their reward is with Allah.market: a place set aside to receive caravans, artisans and farmers who come to sell on particular days; any stalls should be of a temporary nature and not designed as stores or shops.mufawada partnership: a partnership in which each partner delegates mutual responsibility for buying and selling.murabaha sale: an agreement to supply another with goods for a fixed and pre-determined profit – this would include, for example, the cost of the goods to the supplier, any expenses he incurs in their transport, and 10% profit.option of return: the right of the buyer to return goods if found to be defective after he has taken possession of them; a warranty period, usually of three days, but shorter in the case of fruit and longer in the case of a house.partnership: an agreement by which two or more persons (equally) contribute money, goods equipment or work and receive a profit in proportion to their contributionqirad investment: investing money with an agent-trader who returns the capital to the investor plus a previously-agreed share of the profit on completion of the buying and selling.rabb al-mal: the person who invests the money in a qirad contract.regrating:buying up a particular commodity to sell it again on the same or another market.salam contract: whereby payment is made after the contract and the thing paid for is received at a later date.shirka al-abdan: a partnership based on the partners’ work.shirka al-amwal: a partnership based on the partners’ contribution of gold or silver.
taking possession: taking possession of the goods purchased usually marks the transfer of liability to the purchaser.shirka fi’l-bay’: the transfer at cost price of an article to another who in return becomes a partner in the ownership of the article and agrees to sell it for both of them.
uncertainty (gharar): also known as risk or alea; any contract in which the availability of goods promised cannot be guaranteed is invalidated through this element of risk.‘urf: those practices of a community which do not conflict with the shari’ah and which may be retained in Islam.usury (riba): literally ‘increase’; in general, any unjustified increase accruing to one party to a sale; more specifically, disparity in any exchange of ‘usurious foodstuffs’ or gold and silver, either by way of a difference in weight or a delay in delivery of these commodities, when one of these commodities is exchanged for the same commodity.zakat: the payment of two and a half percent of one’s standing wealth; it must be paid to the Amir once a year. The Amir may distribute it to any or all of the eight categories of persons mentioned by Allah in the Qur’an.